• 2017 February 17 12:30

    Port Authority of New York & New Jersey approves largest ever $32.2 billion 10-Year Capital Plan

    The Port Authority Board of Commissioners approved the agency’s largest ever $32.2 billion 2017-2026 Capital Plan, which reflects the agency’s continuing return to its core transportation mission and is expected to generate 235,400 job years and $56 billion in overall economic activity for the region, Port Authority of New York & New Jersey said in its press release.

    The plan allows for $11.6 billion in major redevelopment projects to advance at the region’s major airports during the next decade, including the $4 billion LaGuardia Terminal B replacement, the largest transportation public-private partnership in the United States. It also provides for the advancement of work on Terminal A at Newark Liberty International Airport and the redevelopment of John F. Kennedy International Airport, under which Port Authority investments are expected to leverage billions of dollars of private sector investment.

    At the agency’s tunnels, bridges and terminals, the plan provides $10 billion to greatly enhance trans-Hudson commuting, including the construction of new facilities and the upgrading of existing ones. Funds are included to complete the $1.5 billion Goethals Bridge Replacement, being done through the first true surface transportation PPP in the Northeast. It also provides funding to complete the rebuilding of the Bayonne Bridge, a $1.6 billion project that will effectively provide a brand new bridge for travelers and remove an existing navigational impediment to allow modern ships to pass underneath it and keep the ports competitive. The plan includes $3.5 billion to begin planning and construction of a new Port Authority Bus Terminal in Manhattan and nearly $2 billion to complete the largest overhaul and rehabilitation of the George Washington Bridge ever undertaken in the bridge’s 85-year history.

    The Capital Plan also includes funding to rebuild some of PATH’s aging rail stations and to upgrade other critical rail system infrastructure to ensure safety and service reliability. Funds also are included to plan and build an extension of the PATH system from its current terminus at Newark Penn Station to the Newark Liberty International Airport Air Link Station, a project designed to improve airport access and enhance trans-Hudson commutation.

    To further address the region’s critical trans-Hudson transportation needs, the plan also provides the largest contribution of any stakeholder to date — $2.7 billion — for the critical trans-Hudson rail tunnel link between New York and New Jersey and Portal Bridge North projects. The contribution will pay debt service on expected borrowing by the Gateway Program Development Corporation from low-interest federal Railroad Rehabilitation and Improvement Financing loans.

    The 10-year plan will accelerate the rebuilding of the region’s aging infrastructure by leveraging billions in private sector dollars including through public-private partnerships on major transportation and terminal projects, including those at the airports and bridges. The plan’s multi-billion investment is expected to result in the creation of 235,400 job years, $20 billion in total wages and $56 billion in overall economic activity.

    The approval followed a month-long public comment period – including two first-ever public meetings in each state that were attended by commissioners and agency leadership. Prior to the Board’s vote to move the proposed plan forward on January 5 for public comment, there was robust debate and discussion by Board members over how to parcel out limited resources to the agency’s growing list of capital investment needs.

    Since the Board’s January 5 meeting, the agency received 429 comments on its plan from 365 individuals. Fifty-five speakers attended the public meetings in both states to comment on specific items in the document and 9 people Tweeted comments about it. An additional 327 comments were emailed and 12 comments were received by mail. The Board of Commissioners received periodic summaries of the public comments prior to today’s Board meeting.

    The 10-year plan approved today includes $29.5 billion in direct spending on Port Authority projects and the $2.7 billion commitment to support debt service on the Gateway passenger rail tunnel project.

    The plan outlines specific funding commitments for major capital projects the agency will invest in over the next 10 years. All projects remain subject to Board authorization processes, and, before they proceed, are subject to a rigorous “gates” review process before they proceed that look at agency revenue and the ability to finance them.




2017 May 28

08:59 Carnival Corporation to offer Alipay payment services onboard its fleet in Asia
05:57 Majestic Princess begins journey to China along the Silk Road sea route

2017 May 27

15:56 US Commission meets to discuss regulatory reform initiative & ocean carrier alliances
15:54 Seaspan accepts delivery of 14000 TEU SAVER Containership
07:48 DNV GL releases the new issue of MARITIME IMPACT magazine
07:45 Yilport starts investments in Ecuador’s Puerto Bolívar container terminal by installing two mobile harbor cranes

2017 May 26

18:07 OOCL enhances Intra-Asia service network by launching the ITS and VJS products
17:48 Biofouling was on the agenda at the latest in a series of IMO workshops
17:40 Wärtsilä’s hybrid system increases offshore supply vessel’s engine efficiency
17:24 IMO treaty supporting free flow of international maritime traffic is the subject of a regional seminar in Bangkok
16:52 JSC “Latvijas kuģniecība” posts net profit of USD 0.16 mln in Q1 2017
16:00 Shanghai Maritime Court representatives visit WMU
15:33 Europort Masterclasses shape industry thinking
15:09 Press-conference devoted to new cruise opportunities held onboard Princess Anastasia in St. Petersburg
14:45 Passenger Port of St. Petersburg hosted business meeting with Royal Caribbean Cruises and Arctur Travel
14:11 Passenger Port of St. Petersburg BoD held regular meeting on 24 May 2017
13:36 Hydrographic boat of Project К 1100 Meridian launched at the port of Kaliningrad (photo)
12:58 MOL launches R & D on autonomous ocean transport system
12:27 Pacific Regional Search and Rescue workshop held in Auckland, New Zealand on 22-26 May
12:10 London will host 8th Maritime Salvage & Casualty Response on 13-14 September 2017
11:39 IMO Secretary-General Kitack Lim spoke at the European Maritime Safety Agency (EMSA) in Lisbon
11:04 Diana Shipping announces time charter contracts for m/v Astarte with Glencore and m/v Erato with Phaethon
10:43 Training with all-arms forces of RF Navy's Northern Fleet started in the Barents Sea
10:25 Brent Crude futures price down 0.60% to $51.13, Light Sweet Crude – down 0.78% to $48.52
10:06 Jacksonville harbor deepening awarded $17.5M in federal funding for construction
09:48 Indicative bunker prices continue going up at the port of Saint-Petersburg, Russia (graph)
09:31 Navios Maritime Partners acquires five 4,250 TEU container vessels from Rickmers Maritime
09:14 Baltic Dry Index down to 918 points
08:06 BPA attracts SM Line to bolster cargo volume at Busan Port
06:26 NYK bulk carrier rescues fishermen off the coast of Peru

2017 May 25

18:30 Rostov Port Group partners with Donskoy Krepezh to acquire 80% of interest in construction company PROSPEKT
17:06 Panama Canal sets new record for largest-capacity vessel
16:17 BMT signs submarine framework agreement in Norway
15:02 RF Navy's Pacific Ocean Fleet detachment finished its visit to Jakarta
14:30 RF Ministry of Agriculture approves Strategy of sea terminals servicing fishing ships
14:15 Scorpio Tankers to merge with Navig8 Product Tankers
14:14 Norwegian Bliss' keel laying ceremony held at MEYER WERFT in Germany
13:37 NSAG joint venture wins contract to supply Integrated Platform Management Systems
13:21 Liability cover for Antarctic waters
12:40 New service for project cargo to the Arctic Ocean
12:39 DryShips announces delivery of its newbuilding Suezmax tanker
12:13 Cruise ship Costa NeoRomantica will make her maiden call at port Vladivostok on May 30 (photo)
11:39 Сore functions of London Protocol to participants at workshop in Accra, Ghana
10:55 Arctia strengthens its customer relations team
10:17 Gazprom Neft reports record net income for Q1 2017
09:46 Brent Crude futures price up 0.80% to $54.39, Light Sweet Crude – up 0.76% to $51.75
09:28 Baltic Dry Index down to 934 points
09:12 Keppel secures contract to build LNG carriers worth over S$100m
08:39 Nor Lines and Rolls-Royce sign landmark Power-by-the-hour service agreement
08:14 Wärtsilä propellers and shaft generator system chosen for two new RoRo vessels

2017 May 24

18:01 Finnish Business Community took over AEC Chairmanship at AEC Annual Meeting
17:55 Port of Hamburg’s total throughput up by 1.7 percent at 35.4 million tons in the first quarter of 2017
17:44 RAO/CIS Offshore to be held on 12 - 15 September 2017 in Saint-Petersburg, Russia
17:41 Piraeus Port Authority investment plans tabled at 4th Posidonia Sea Tourism Forum
17:37 Greece is open for cruise industry business says Greek minister at Posidonia Sea Tourism Forum
17:00 Hapag-Lloyd and UASC complete merger
16:26 Throughput of NCSP Group up 1.4% to 50.6 mln t in 4M’17
16:02 MOL starts initiative to develop enhanced operational support tool
15:37 VSM reports record number of merchant vessel orders received by German yards
15:02 Australia develops new blockchain security architecture TBSx3